UK invests £140m in innovation

The UK's Technology Strategy Board is to invest £140m in manufacturing in an attempt to reduce the risk of innovation and attract business development to the country

The UK's Technology Strategy Board is to invest £140m in manufacturing in an attempt to reduce the risk of innovation and attract business development to the country.

The investment is part of government initiatives to boost the economy in the UK.

Other plans include the launch of the Board's Technology and Innovation Centre, the first of at least six Technology and Innovation Centres to be established by April 2013.

The centre brings together seven institutions of excellence to support UK manufacturing in several industries, including pharmaceuticals and biotechnology.

The institutions include the Advanced Manufacturing Research Centre and the Manufacturing Technology Centre.

UK Secretary of State for Business, Innovation and Skills, Vince Cable, said: "Manufacturing has a key role to play in economic growth and rebalancing the economy, in particular driving exports and productivity.

"We are assisting manufacturing companies and their supply chains directly through the regional growth fund and other schemes and supporting them to build strong businesses via our commitments to apprenticeships and fostering technology."